Sri Lanka grows 2.9-pct in third quarter 2018
ECONOMYNEXT – Sri Lanka’s gross domestic product grew 2.9 percent in the third quarter of 2018 from a year earlier with agriculture growing 3.3 percent compared to a contraction a year earlier, the state statistics office said.
The second quarter growth was revised to 3.6 percent from 3.7 percent.
The 9-month growth was 3.3 percent.
Industry grew 1.9 percent and service grew 3.9 percent.
Rice output grew 46.9 percent, reversing from a contraction of 32.8 percent a year earlier.
In industry manufacturing had grown 2.2 percent, with apparel up 3.7 percent. Construction was up 2.5 percent.
In services telecoms had grown, 14.8 percent, financial services 12.4 percent.
Sri Lanka’s economy has grown despite balance of payments pressure and capital flight being triggered by a non-credible soft-pegged monetary arrangement which is now threatening foreign debt repayments.
In October a political crisis was triggered. (Colombo/Dec18/2018 – Update II)